Vat

Nothing causes more panic in a business owner than receiving notice from SARS that your business faces a Vat audit. But most of the panic comes from uncertainty of what to expect. You may not even have done anything wrong, so don't worry. Your Vat audit may have been triggered simply because your accountant entered a zero in the wrong spot on your Vat return.
In the mean time, here are ten fin... ››› more

Every Vat vendor knows that when their input tax exceeds their output tax, SARS owes them a Vat refund.
Perhaps the reason most vendors know this is because Vat refunds play an important part to ease the cash flows in their business. Everyone likes to have a little cash injection coming their way.
What you may not know however is, there are two instances where SARS won't give you a Vat refun... ››› more

My friend Gordon is one of the directors of an outsourced training company. He's always flying around the country to present training for his company's clients, and often goes on training courses overseas.
He asked me which portion of his travel, subsistence and accommodation costs his company can claim back as input tax, because he doesn't receive a regular subsistence allowance. He simply kee... ››› more

Do you know when you should issue a credit note? What about dealing with Vat on credit notes? Read on to find out what these two things include so you can comply with the Vat Act and avoid hefty penalties.
The Practical Vat Loose Leaf Service explains that credit notes are issued when a sale or a supply takes place and one of the following subsequently happens to that supply (sale):
The... ››› more

As a Vat vendor, you have a duty to pay Vat on time.
But, the reality is that the current economic situation is making it harder to comply with this legal duty. Don't even get us started on unforeseen disasters that strike at any moment and make it impossible to meet Vat deadlines.
But, it's not all doom and gloom.
You have options if you can't pay SARS.
Read on to find out what to do... ››› more

You have to tread carefully when it comes to Vat refunds.
SARS scrutinises these and it'll punish you if it finds errors. And this means you can say goodbye to the cash injection you were hoping to get.
But we've got your back as always.
Today our experts reveal the three things that'll get you in trouble with SARS when it comes to Vat refunds. Read on to find out what they are so you c... ››› more

Here's a true story with a happy ending:
I had coffee with Peter Franck, Contributor of the Practical VAT Handbook, and he told me an interesting story about one of his clients, Mr Hogenboezem*. He received a VAT assessment for R86 000 from SARS. SARS issued him with this assessment because he mistakenly claimed input tax twice on a bakkie and the invoices he received for purchases were techni... ››› more

As you know, travel is an integral part of business. But the costs associated with travel are high. There's the cost of flights, car rental, accommodation and meals. This is sometimes just the start of the costs.
But what if I told you there was a way for you to get some of these costs back?
Read on to find out how... *****************Best Seller*****************
Can you really afford no... ››› more

It's good business practice to save yourself time and avoid unnecessary fines and penalties by making your Vat payments correctly and on time. But what happens if your payment is late due to unforeseen circumstances? Read on to discover what your company can do to stay on SARS's good side even with a late payment.
It's your responsibility to ensure SARS receives your company's Vat payments corr... ››› more

VAT is a 'self-assessment' system. This means you're required to work out if you should be paying money in to SARS, or if you should be getting money back from it.
You do this calculation on a VAT return, called a VAT201 via eFiling at the end of your tax period.
But because of numerous mistakes VAT vendors make, SARS checks the VAT returns from time to time by way of a VAT audit. And if any... ››› more

One of our Practical VAT Handbook subscribers asked if he can get a VAT refund back on property expenses. The real kicker is, he hasn't registered for VAT yet!
Your immediate response may be to say no - it's not possible. One of our well respected VAT experts, Kallie Van Der Merwe, a writer for the Practical VAT Handbook, answered this question for our member.
Let's have a look at the ques... ››› more

If you thought output tax only applies to standard-rated, zero-rated and exempt supplies, you're wrong. It's also applies to deemed supplies. Here are the 20 deemed supplies you must pay output tax on.
According to the Practical Vat Loose Leaf Service, although the words 'deemed supply' aren't defined in Vat Law, Section 8 lists certain supplies as deemed to have been made.
Essentially, a ... ››› more

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